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What you need to know
- Instacart's stock rose on the news that it would join the S&P MidCap 400 index.
- This change is set to take place next week and will be accompanied by the move of Enovis from SmallCap 600.
- Instacart's stock has about doubled over the past 12 months.
Instacart’s shares jumped Wednesday following the announcement that they will now be included in a newly created index.
Instacart stock rose by about 4.5% recently. The rise followed the announcement last yesterday that the company, also known as Maplebear (CART), will join the S&P MidCap 400 index starting with next Tuesday’s session, replacing Enovis (ENOV). Instacart shares have almost doubled in the last 12 months.
Instacart announced separately on Wednesday that they would be partnering with Ulta Beauty to distribute the beauty products of this company nationwide. Ulta’s stock price has dropped by more than 2% in recent weeks. The company announced recently that its CEO will retire.
Enovis, which will soon be acquired by Consol Energy and become Core Natural Resources, is expected to move from the SmallCap 600 Index to replace Arch Resources.
Morning trading saw shares of Enovis up by more than 1 percent.
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